Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>KTX expects the SET Index to rebound, with the target at 1,589 points in 3Q23E.</li><li>On a monthly basis, the resistance is at 1,540/1,560 points, with the support at 1,460/1,445 points.</li><li>The key factor is the successful formation of a new government without any unrest.</li></ul>

KTX expects the SET Index to rebound, with the target at 1,589 points in 3Q23E.On a monthly basis, the resistance is at 1,540/1,560 points, with the support at 1,460/1,445 points.The key factor is the successful formation of a new government without any unrest.

Monthly Report: July 2023: To Recover, With the Support at 1,460/1,445 Points and the Resistance at 1,540/1,560 Points

Technical Analysis

<ul><li>The SET seemed to rebound firmly before turning back down at the last hour of trading to close at the lowest point of the day.</li><li>The index weakened further, leading to clear negative signals, such as the downward price pattern and the continued decline of the MACD, alongside diminishing confidence.</li><li>We recommend holding cash until the index has a reversal signal because there are unclear signals presently, and the outlook is negative.</li></ul>

The SET seemed to rebound firmly before turning back down at the last hour of trading to close at the lowest point of the day.The index weakened further, leading to clear negative signals, such as the downward price pattern and the continued decline of the MACD, alongside diminishing confidence.We recommend holding cash until the index has a reversal signal because there are unclear signals presently, and the outlook is negative.

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points.</li><li>We recommend trading buy on KCE, HANA and SAT.</li><li>Today's investment momentum is slightly positive in response to the Cabinet meeting today, in which it is expected to approve additional stimulus measures.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points.We recommend trading buy on KCE, HANA and SAT.Today's investment momentum is slightly positive in response to the Cabinet meeting today, in which it is expected to approve additional stimulus measures.

Equity Bottom-Up

<ul><li>Progress in US-Iran negotiations has led to the reopening of the Strait of Hormuz to oil tankers, pushing Brent crude below USD80/bbl.</li><li>Thailand's headline inflation is expected to decline a further 0.2% MoM in July.</li><li>TRUE (Buy, TP: Bt16.00) reported 2Q26 net profit of Bt6.6bn (+2.2x YoY), beating expectations.</li></ul>

Progress in US-Iran negotiations has led to the reopening of the Strait of Hormuz to oil tankers, pushing Brent crude below USD80/bbl.Thailand's headline inflation is expected to decline a further 0.2% MoM in July.TRUE (Buy, TP: Bt16.00) reported 2Q26 net profit of Bt6.6bn (+2.2x YoY), beating expectations.

Krungthai XSpring Zoom Eng. August 5, 2026

Macroeconomics

<ul><li>The nationwide minimum wage hike, for the first time since 2020, at an average of 5% to Bt337/day will become effective on October 1, 2022.</li><li>The incremental expenditures should be manageable, as the wage hikes are estimated to have an aggregate impact on net profit margins by -0.31 ppts.</li><li>Meanwhile, rising wages have a positive correlation with consumption, which should benefit the food and beverage, health care and financial sectors.</li></ul>

The nationwide minimum wage hike, for the first time since 2020, at an average of 5% to Bt337/day will become effective on October 1, 2022.The incremental expenditures should be manageable, as the wage hikes are estimated to have an aggregate impact on net profit margins by -0.31 ppts.Meanwhile, rising wages have a positive correlation with consumption, which should benefit the food and beverage, health care and financial sectors.

Manageable Impact From Minimum Wage Hikes

Thailand

GFPT Public Company Limited operates a fully integrated poultry business, encompassing feed mills, breeder and broiler farms, hatcheries, chicken evisceration, and processed food production. The company produces and distributes fresh, frozen, and cooked chicken products, as well as land and aquatic animal feed, for both domestic and international markets. GFPT was founded in 1981 and is headquartered in Bangkok, Thailand.

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GFPT (GFPT TB)

Monthly Report: July 2023: To Recover, With the Support at 1,460/1,445 Points and the Resistance at 1,540/1,560 Points

KTX expects the SET Index to rebound, with the target at 1,589 points in 3Q23E. On a monthly basis, the resistance is at 1,540/1,560 points, with...

Krungthai XSpring

Recommendation: Hold Cash

The SET seemed to rebound firmly before turning back down at the last hour of trading to close at the lowest point of the day. The index weakened...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points. We...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 5, 2026

Progress in US-Iran negotiations has led to the reopening of the Strait of Hormuz to oil tankers, pushing Brent crude below USD80/bbl. Thailand's...

Krungthai XSpring

Manageable Impact From Minimum Wage Hikes

The nationwide minimum wage hike, for the first time since 2020, at an average of 5% to Bt337/day will become effective on October 1, 2022. The...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)